Q-Free reports increased revenue for first quarter of 2014

108 Q-Free reported 22 per cent increase in revenues to US$28 million in the First quarter of 2014, reflecting continued growth for products and service and maintenance but lower projects revenues. Operating profit (EBIT) increased to US$166,000 from an operating loss of US$8.8 million in the First quarter of 2013; pre-tax profit improved to US$333,000 from a loss of US$9.1 million in the same period last year.

Order entry in the First quarter was US$39.6 million, the highest since the second quarter 2012. Order backlog increased to US$74.7 million, an increase of US$11.5 million during the quarter. The EMEA region accounted for approximately half of both revenue and order intake in the quarter.

Q-Free continues to see a large potential in the road user charging market, with opportunities in all the main regions in EMEA, the Americas and Asia Pacific. The company also continues to strengthen its business within advanced transportation management systems, with the acquisitions of 131 TDC Systems in the UK in March and 7724 Traffic Design in Slovenia in April. Q-Free will continue to seek complementary investment opportunities to add to organic growth in the ATMS business going forward.